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Apr 23, 2013
04/13
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number one, the economic deficit of less skilled immigration. the u.s. work force is changing american family is having fewer children and birthrates are now well below levels. 10,000 baby boomers are retiring every day. and the lush and her workers coming behind them are much more educated than their parents. in 196064% of american workers were high-school dropouts. today the number is less than 10%. together these three factors have had a dramatic effect on the pool of americans available to fill low-skill jobs. it is no accident that my members are constantly complaining about the difficulty finding workers. the pool have to draw on a shrinking. for those seeking higher, unskilled man of prime working age the supply of u.s. workers is literally half the size it was in 1970. if a thing, demand is growing. in $0.195,525 of every dollar spent on food was spent in a restaurant. today it is $0.50. one of the fastest growing occupations in america is some help aid. many less skilled immigrant workers and only then increasingly in years ahead. aside from tak
number one, the economic deficit of less skilled immigration. the u.s. work force is changing american family is having fewer children and birthrates are now well below levels. 10,000 baby boomers are retiring every day. and the lush and her workers coming behind them are much more educated than their parents. in 196064% of american workers were high-school dropouts. today the number is less than 10%. together these three factors have had a dramatic effect on the pool of americans available to...
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Apr 20, 2013
04/13
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CSPAN2
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so as much talk as there is right now about fiscal deficits, only let the world economy, it is perhaps part of future growth . the willingness to reciprocate and recognize the underlying the chances for prosperity. so the last they'll like to say, something a bit extraordinary. the catholic church, couple and their foreign. big changes. the world's most. the future, the future lies largely in the future of the church and the emerging markets. but as those in the catholic church and the images that come of the just of the emerging world so that we can all share in the futures. a muffled. [applause] >> how can you had the discipline and the clarity and a example i would use would be check, we don't trust them to keep the country afloat. we don't trust them to properly regulate. how do we maintain solid discipline free trade relations and support their growth, support our gross? >> as i think about that this get -- discipline plus clarity. the use the example of free trade discipline is the contrast of free trade means that we both imports and exports to prosper. we often fall. a tremendo
so as much talk as there is right now about fiscal deficits, only let the world economy, it is perhaps part of future growth . the willingness to reciprocate and recognize the underlying the chances for prosperity. so the last they'll like to say, something a bit extraordinary. the catholic church, couple and their foreign. big changes. the world's most. the future, the future lies largely in the future of the church and the emerging markets. but as those in the catholic church and the images...
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Apr 24, 2013
04/13
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COM
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there's obviously more that we can do to close the deficit of trust and limit the corossive influence of money and politics. >> jon: i love that, limit the corossive influence. let's face t there has to be corossive influence of money and politics. we're weak people. we will try to limit it. like the fda does with your favorite breakfast crer call-- cereals of rat poop, it is going to be there in. there is nothing you can do to keep that rat [bleep] out of your cereal. you eat it and you are like i'm mostly cereal here, it is very dei will hav havecious-- delicious. i'm just getting some-- of rat poop and just a hint of the magazineouts. -- maggots, but two out of three is not bad, huh? >> congress has killed a mandate that congressional staffers and executive branch employees post their financial-disclosure forms on-line. >> jon: well, one out of three is not bad. 33%, it's still a gentleman's f minus. for congress to go back and kill the transparency feature of this stock act for staffers, must not have been an easy decision. i want to hear every word of the loud and passionate sena
there's obviously more that we can do to close the deficit of trust and limit the corossive influence of money and politics. >> jon: i love that, limit the corossive influence. let's face t there has to be corossive influence of money and politics. we're weak people. we will try to limit it. like the fda does with your favorite breakfast crer call-- cereals of rat poop, it is going to be there in. there is nothing you can do to keep that rat [bleep] out of your cereal. you eat it and you...
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Apr 16, 2013
04/13
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we have a massive deficit. >> well, we had a 6% of gdp deficit in 2006. it's now 3% of gdp. and if some of the economists' projections are correct, we go into surplus by 2020. that's what the market thinks. it could go wrong and i wouldn't sell all my gold at this point. but the way the market is going, we are likely to have a trade surplus or at least a deminimus deficit and that means our international credit is going to be terrific and there is no dollar crash. >> peter schiff, let me just ask you. look, there has been an awful lot of pessimism and i've been a credit of ben bernanke. and it's interesting to me and i want to get your reaction. the big inflation never came. the total collapse of the dollar never came. in fact, the dollar, against broad trade-weighted indexes is about what it was four or five years ago. gone up and down, hasn't really moved. this pumping of the money supply, most of the banks didn't use the reserves. and the inflation rate, heck, today, i think the year on year cpi, 1.3%. in other words, a lot of the doom and gloom collapsed the dollar, coll
we have a massive deficit. >> well, we had a 6% of gdp deficit in 2006. it's now 3% of gdp. and if some of the economists' projections are correct, we go into surplus by 2020. that's what the market thinks. it could go wrong and i wouldn't sell all my gold at this point. but the way the market is going, we are likely to have a trade surplus or at least a deminimus deficit and that means our international credit is going to be terrific and there is no dollar crash. >> peter schiff,...
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Apr 22, 2013
04/13
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spanish deficit was up to 10.6% of gdp. stephane joins us now live from madrid. >> there is no surprise. 10.6% of gdp. there's a reason behind it. it's the cost of bailing out the spanish banking sector. eurostadt did not give the details about the calculation, but without the cost of bailing out the banking sector, the deficit was 6.9% of gdp, which is higher than the 3% target set by the government, but of course that would be much lower than the 10%, for instance, deficit that we've seen in greece last year as a result, of course, the spanish debt is rising. it's now 84.2% of the spanish gdp. that's a sharp increase if you compare to the level before the prices in spain. and there's a paradox in that announcement. yes, we've seen some positive reaction on the bond market. the other part is that it will actually help the government to ask for more time to reduce its public deficit below 3% of ggdp. the new target will be 2016, two years later than expected, and that will give the government a bit of precome, a bit of marg
spanish deficit was up to 10.6% of gdp. stephane joins us now live from madrid. >> there is no surprise. 10.6% of gdp. there's a reason behind it. it's the cost of bailing out the spanish banking sector. eurostadt did not give the details about the calculation, but without the cost of bailing out the banking sector, the deficit was 6.9% of gdp, which is higher than the 3% target set by the government, but of course that would be much lower than the 10%, for instance, deficit that we've...
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Apr 19, 2013
04/13
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CSPAN2
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we can develop such a bipartisan plan perhaps in a so-called grand bargain we could devise a balance deficit reduction package for one year that avoids sequestration in fy 2014. we simply cannot continue to ignore the effect of sequestration. sequestration will have a major impact on military personnel. though the pay of military personnel has been exempted, the sequester would reduce military readiness in the services for the troops including schools for military children, family support programs and transition assistance programs and mental health and other counseling programs. the president's budget request continues a major drawdown of active duty and reserve strength. we have in recent years given the department numinous force shaping authorities to allow it to reduce its strength in a responsible way ensuring that the services maintain the proper force mix and avoiding grade and occupational disparities, all of which have long term affect. if sequestration continues, the result would be ore pripitous foe structe that is ou of t the requirements of our defense strategy. sequestration ha
we can develop such a bipartisan plan perhaps in a so-called grand bargain we could devise a balance deficit reduction package for one year that avoids sequestration in fy 2014. we simply cannot continue to ignore the effect of sequestration. sequestration will have a major impact on military personnel. though the pay of military personnel has been exempted, the sequester would reduce military readiness in the services for the troops including schools for military children, family support...
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Apr 17, 2013
04/13
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FBC
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in india, for example, india is suffering from massive current account deficit problem. what they have done is, they have removed the incentives to loan money to buy gold because that wouldean selling the currency while importing more gold. melissa: okay. let me,appening onon, let me stop you there. steven, we're supposed to be talking about oil and we're not. that is very telling because gold is at the forefront of everyone's mind in this breakdown really seems to be something significant to a lot of people and a lot of investor we saw the first segment we did as well. they wanted to talk about gold. if gold breaks down, steven, what happens from there? what does that mean to you? what doe it mean for oil? what does it mean for stocks, the rest of the economy? >> at this point from an economic standpoint it means further weakness because we're not prying in any inflation right now and seems to be the further. to his point with regard to cyprus selling potentially eece, who knows, maybe even italy, this is a poor inditor for future growth. now when you look at how many p
in india, for example, india is suffering from massive current account deficit problem. what they have done is, they have removed the incentives to loan money to buy gold because that wouldean selling the currency while importing more gold. melissa: okay. let me,appening onon, let me stop you there. steven, we're supposed to be talking about oil and we're not. that is very telling because gold is at the forefront of everyone's mind in this breakdown really seems to be something significant to a...
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deficit's we have every financial issue they have for we what we do have and we have high unemployment in california what we do have is a pretty sound high tech economy and and lots of good functional agriculture it so now we have to figure out how to pay for the promises we made as . it's a deal or boats of being bought over the many years with these promises and so now it's time to pay them and in our most recent bankruptcy case here in the city of stock when we discovered that in fact the courts are now allowing. pensions to be thrown into bankruptcy proceedings for the first time and which means that when there are bankruptcies and many see pal is in california pensions may have to get a haircut and then they happen and one in the number of ways and one of which is to do raise contributions it would be to do you know of the benefits and this hasn't played out yet but it contravenes a california state law so we'll have to see how that that washes out all right so it's not quantitative easing in countries where it's a forced transfer of wealth from savers to speculators using artific
deficit's we have every financial issue they have for we what we do have and we have high unemployment in california what we do have is a pretty sound high tech economy and and lots of good functional agriculture it so now we have to figure out how to pay for the promises we made as . it's a deal or boats of being bought over the many years with these promises and so now it's time to pay them and in our most recent bankruptcy case here in the city of stock when we discovered that in fact the...
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deficit's we have every financial issue they have for we what we do have and we have high unemployment in california what we do have is a pretty sound high tech economy and and lots of good functional agriculture it so now we have to figure out how to pay for the promises we made as . it's a deal or boats of being bought over the many years with these promises and so now it's time to pay them and in our most recent bankruptcy case here in the city of stocky we discovered that in fact the courts are now allowing. pensions to be thrown into bankruptcy proceedings for the first time and which means that when there are bankruptcies and municipalities in california pensions may have to get a haircut and then they happen and one in the number of ways and one which is to raise contributions that will be to do no of the benefits and this hasn't played out yet but it contravenes a california state law so we'll have to see how that that washes out and so it's not quantitative easing in countries where it's a forced transfer of wealth from savers to speculators using artificially low interest rat
deficit's we have every financial issue they have for we what we do have and we have high unemployment in california what we do have is a pretty sound high tech economy and and lots of good functional agriculture it so now we have to figure out how to pay for the promises we made as . it's a deal or boats of being bought over the many years with these promises and so now it's time to pay them and in our most recent bankruptcy case here in the city of stocky we discovered that in fact the courts...
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Apr 19, 2013
04/13
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they have a $1 trillion infrastructure deficit other the next five years so there's no way that olffia developmen systs is going to be enough to tack t will problem. this is one of the great strengths of the world bank group. we not only work in the public sector with development assistance but we make direct investments, we make loans. going to ta major effort at bringing public and private together if we're to have any chance of meeting these targets. >> brown: are you afraid that the world might fall backwards? there's been strides in the last couple of decades with china and other countries with poverty. wee had a number of years of slow growth. are you afraid we might be moving backwards? >> we remain cautiously optimistic about what could happen in the future. we know developed economies have to grow in order for us to meet our targets in the developing economies but the growth in the developing economies has been one of the good news stories over the last five years. more than 50% of the growth globally has come from the developing economies and this year they'll grow at 5.5%. m
they have a $1 trillion infrastructure deficit other the next five years so there's no way that olffia developmen systs is going to be enough to tack t will problem. this is one of the great strengths of the world bank group. we not only work in the public sector with development assistance but we make direct investments, we make loans. going to ta major effort at bringing public and private together if we're to have any chance of meeting these targets. >> brown: are you afraid that the...
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Apr 16, 2013
04/13
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doesn't help us with our trade deficit with china. doesn't help us export more grain to russia. $168 billion we ask american taxpayers to dig into their pocket and pay for the pleasure of paying nair income taxes. more -- their income taxes. more and more americans, mr. speaker, find they can't do their own taxes, that they have to go to a professional tax preparer. i don't mind paying my taxes. i think i'm getting my money's worth. america is a great country. but to help somebody help me pay the taxes makes me angry and it's wrong. it's wrong. you know, i look at what's happened in those former soviet block countries, mr. speaker. you know, those former soviet block countries have all moved to flat taxes? what they found is when they have high tax rates and very difficult to comply with, folks just didn't pay their taxes at all. but when they lowered that rate, made it flat, applied it across a broad base, folks began to voluntarily emit -- remit their taxes. it's not rocket science. it's what we've seen in example after example afte
doesn't help us with our trade deficit with china. doesn't help us export more grain to russia. $168 billion we ask american taxpayers to dig into their pocket and pay for the pleasure of paying nair income taxes. more -- their income taxes. more and more americans, mr. speaker, find they can't do their own taxes, that they have to go to a professional tax preparer. i don't mind paying my taxes. i think i'm getting my money's worth. america is a great country. but to help somebody help me pay...
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Apr 17, 2013
04/13
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-- rein in our deficit. our secretary seems to have taken this message to heart. identifying some $1.3 billion in cost savings this year and more than $4 billion since 2009 and continues to move to a risk-based approach, an effort to save more money. but to do so in a smart way. i'm happy to see in this budget proposes a much-needed increase for cybersecurity which will help the department fulfill its significant cyberresponsibilities. passing legislation to compliment the president's executive order and address the cyberthreat is one of our highest priorities. i also welcome the administration's continued commitment to securing our nation's borders by maintaining staffing for the border patrol its ath its current historic levels and adding more than 3,400 protection officers to staff our ports of entry. these critical resources are paid for in part with modest fee increases. during my recent trips to our borders in arizona, where secretary napolitano, senator mccaul nd congresswoman joined me, i've been and
-- rein in our deficit. our secretary seems to have taken this message to heart. identifying some $1.3 billion in cost savings this year and more than $4 billion since 2009 and continues to move to a risk-based approach, an effort to save more money. but to do so in a smart way. i'm happy to see in this budget proposes a much-needed increase for cybersecurity which will help the department fulfill its significant cyberresponsibilities. passing legislation to compliment the president's executive...
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Apr 22, 2013
04/13
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going to remain at these levels for now, it really gives them breathing room where the current account deficit has really narrowed in the last three to six months. it gives central banks room for cuts later this you're. >> how concerned are you with what's going on with japanese monetary policy and the effect on the emerging markets? >> for the short term, it's concerning, obviously. the japanese exporters go head to head with some companies that we look at, mainly the taiwanese and the koreans. so we have lightened up in the exporters of those two countries. but in the longer run, and actually having the third largest economy in the world, hopefully revive and become more dynamic, obviously it opens up a lot of opportunities in emerging markets. and one of the fastest-growing trading areas in the world has been asia alone. interasia trading. so it would be a welcome development if japan really kind of strengthens those trade ties. >> luis, thank you so much. >> thank you. >> luis soars for us. a quick trade, steph? >> we've owned mexico. they just lowered rates for the first time in a couple
going to remain at these levels for now, it really gives them breathing room where the current account deficit has really narrowed in the last three to six months. it gives central banks room for cuts later this you're. >> how concerned are you with what's going on with japanese monetary policy and the effect on the emerging markets? >> for the short term, it's concerning, obviously. the japanese exporters go head to head with some companies that we look at, mainly the taiwanese and...
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Apr 17, 2013
04/13
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low yields make pension deficits worse and make corporates less likely to invest. they backed themselves into a corner here. >> what's your take? >> i do think that qe has helped the economy over the past four years. our own view is you get diminishing returns to each slug of qe as you go along. we suspect in due course that we'll get another expansion of asset purchases which at the margin may help and there may be psychological boost to markets but the other things to watch out for are the success or otherwise of bank of england's funding for lending scheme which we're relatively hopeful will help to expand the supply of mortgage credit. >> it doesn't seem like it's done much frankly. >> it's a slow burn. the last couple of months of data have been disappointing but through the back end of the second half of last year what we saw was a steady increase in mortgage approvals and that's helpful. the other thing to watch out for is what's happening to the small business sector. we have been calling for some sort of government if not bank of england action to help cha
low yields make pension deficits worse and make corporates less likely to invest. they backed themselves into a corner here. >> what's your take? >> i do think that qe has helped the economy over the past four years. our own view is you get diminishing returns to each slug of qe as you go along. we suspect in due course that we'll get another expansion of asset purchases which at the margin may help and there may be psychological boost to markets but the other things to watch out...
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Apr 19, 2013
04/13
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sorry, deficit-neutral. thank you, everybody. [applause] >> and it update on the manhunt for the suspect in the boston marathon bombings, overnight his brother was killed, also in mit officer was killed in a shootout. the younger brother is on the loose. and lockdown in the boston area. they were last seen in the water to an area just outside boston. and in his cover the short while ago, the police said the boston area continues on lockdown as they go house to house. they also plan -- a controlled explosion at a house in cambridge, massachusetts, some timeay. amtrak is suspending service between new york and boston. senior democrat associated press as on the house intelligence committeeay the to the st ng suspects had before they confronted police., there was a briefing earlier today. across our networks, we will keep you posted with the latest news and updates. we continue in about an hour in 10 minutes we will take you live to the state department. john kerry, whose brief this morning at the white house on the boston investigat
sorry, deficit-neutral. thank you, everybody. [applause] >> and it update on the manhunt for the suspect in the boston marathon bombings, overnight his brother was killed, also in mit officer was killed in a shootout. the younger brother is on the loose. and lockdown in the boston area. they were last seen in the water to an area just outside boston. and in his cover the short while ago, the police said the boston area continues on lockdown as they go house to house. they also plan -- a...
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Apr 22, 2013
04/13
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i think it is the kind of deficit reduction that we can get bipartisan support for in the country. what about public education? public schools don't teach children how to read english marry well and don't teach american history. it is being worked on a state- by-state, but that is the problem for kids who are born here as well as everybody else in terms of the quy of ucey getting. bill clinton worked with the republican congress to reform aid to families with dependent children. none of those are arguments for getting in the way of immigration before. then there's the question of entitlement. the entitlement system is out of whack and needs to be reformed. let's reform public education and the welfare system, but let's move forward now on immigration reform as well. thank you. >> thank you very much. you talked aboutany .mmigrants who are not legal they have no legal recourse when something happens, if they are $20 and youpay you have no legal recourse. my wife is a registered nurse. we were driving near los angeles. a well-dressed person with a large dog was walking down the stree
i think it is the kind of deficit reduction that we can get bipartisan support for in the country. what about public education? public schools don't teach children how to read english marry well and don't teach american history. it is being worked on a state- by-state, but that is the problem for kids who are born here as well as everybody else in terms of the quy of ucey getting. bill clinton worked with the republican congress to reform aid to families with dependent children. none of those...
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Apr 24, 2013
04/13
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care to the sick and reduce the deficit at the same time. in the end, it's not about the money. it's about america's patients. the president should be embarrassed. his political bait and switch is not working. instead of putting the care of the sick first, you tell them, sorry, sister, we're closed. come back in 10 months. 10 months. a week, a day, maybe the amount of time some of these patients have to get treatment or else face the consequences of the progression of their illness. american doctors and hospitals will be there. they'll always be there. but why deny them the means to get their services paid for with insurance coverage? mr. president, your health bill fails this country and most importantly you have failed the thousands of sick americans who can't get health coverage because you think implementing the health care law is more important than taking care of the people that you promised, you promised to take care of. so today we can end the use of the slush fund, use it to actually help people. a vote for this bill is a vote to he
care to the sick and reduce the deficit at the same time. in the end, it's not about the money. it's about america's patients. the president should be embarrassed. his political bait and switch is not working. instead of putting the care of the sick first, you tell them, sorry, sister, we're closed. come back in 10 months. 10 months. a week, a day, maybe the amount of time some of these patients have to get treatment or else face the consequences of the progression of their illness. american...
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Apr 22, 2013
04/13
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FBC
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called on congress to replace the dumb sequester cuts and put instead in place a smarter approach to deficit reduction. >> republicans are charging politics. this is from bill shuster, the chairman of the transportation and infrastructure committee a republican. this disregard for the american public is indicative that the administration views as the sequester to attempt to score political points rather than address real issues and find real savings in a bloated federal bureaucracy. the airline industry says that these cuts could be designed much better. they say they have been designed for what appears to be maximum impact. they are suing the faa to try to overturn the way these cuts have been structured. back to you. melissa: we are up-to-date. thanks to you, rich edson. melissa: despite the faa's dire warnings so far flight delays seem to be anything but sequester-related as you just heard. is this another example of the faa crying wolf? let's ask mary schiavo. former secretary with the transportation. faa playing politics. >> they can rely on constituent group, airline and air port opera
called on congress to replace the dumb sequester cuts and put instead in place a smarter approach to deficit reduction. >> republicans are charging politics. this is from bill shuster, the chairman of the transportation and infrastructure committee a republican. this disregard for the american public is indicative that the administration views as the sequester to attempt to score political points rather than address real issues and find real savings in a bloated federal bureaucracy. the...
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Apr 18, 2013
04/13
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we are doing major work on the deficit this year. that is slowing the economy. later on the economy can accelerate. overall, it wasn't as bad as it looked in the fourth quarter. it wasn't as good as 3% to 4% if r the first quarter. i think it's good enough. >> wow. a lot of people would take that. you ian say -- i mean, talk about a silver linings playbook that the collapse in goal removes an impediment to hardball asset pricing. with you explain that? >> we have seen a lot of markets are very out of whack in recent years. that causes people to make strange investment decisions. also to cash accounts. still too much money sitting in cash accounts. but it doesn't tell me anything important by the global economy. it just tells me that one side show was that distraction for a lot of investors is ending here. so it's funneling money back in towards long-term inmentes in real estate, in business, in equities. that's where we want to see money invested. >> does that mean you take a gamble on the technology? we'll get results tonight or is this a general bulls market?
we are doing major work on the deficit this year. that is slowing the economy. later on the economy can accelerate. overall, it wasn't as bad as it looked in the fourth quarter. it wasn't as good as 3% to 4% if r the first quarter. i think it's good enough. >> wow. a lot of people would take that. you ian say -- i mean, talk about a silver linings playbook that the collapse in goal removes an impediment to hardball asset pricing. with you explain that? >> we have seen a lot of...
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Apr 16, 2013
04/13
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by almost 2% because the country is a big importer for both commodities and a lower current account deficit will leave the rbi more room to cut interest rates. back to you. >> sixuan, thank you very much indeed for that. lower oil and gold boosting the inn market. >> precisely and significantly. there wasn't much else throwing life into the market. >> there's always a different correlation somewhere. >> a silver lining? maybe. >>> the dow s&p 500 and nasdaq tumbled to their lowest levels yesterday since november. joining us now, gina sanchez. welcome. >> hi. >> so is this it, is this a buying opportunity? do you look at all the declines that we've seen and decide that this is now a pivot point? >> well, i've been calling for consolidation sometime, you know, generally around april is when you start to see a consolidation and then you sell in may and go away. i actually think that is probably going to be what it's going to work out to. obviously, we're getting the signals that have been driving some of this consolidation have been growth. obviously, the bad news at the end of the day with wh
by almost 2% because the country is a big importer for both commodities and a lower current account deficit will leave the rbi more room to cut interest rates. back to you. >> sixuan, thank you very much indeed for that. lower oil and gold boosting the inn market. >> precisely and significantly. there wasn't much else throwing life into the market. >> there's always a different correlation somewhere. >> a silver lining? maybe. >>> the dow s&p 500 and nasdaq...
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Apr 18, 2013
04/13
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spending on personnel, goods, services and other current spending, allowing the country to meet its 5.5% deficit target for 2013. this follows parliament voting down other measures, throwing the country's needed fund-raising into doubt and raising concern more broadly about the eurozone. but now it looks as though spending cuts compensate for the austerity measures that were rejected by the court are going forward. so perhaps providing some relief to those worried that this would throw the eurozone's progress into doubt. not a major move on the back of that news. >>> straight ahead on "worldwide exchange," uk retail sales figures for march will hit the tape in just a couple minutes' time. we'll break down those numbers for you live. >>> plus, strong first quarter results. can they maintain their edge? >>> welcome back tos with was. these are your headlines. stocks in europe recovering from the worst day in nine months. performance from basic resources amid concern about declining commodity prices spp fear of falling demand for iphones and ipads is veding to asia where shares of apple suppliers i
spending on personnel, goods, services and other current spending, allowing the country to meet its 5.5% deficit target for 2013. this follows parliament voting down other measures, throwing the country's needed fund-raising into doubt and raising concern more broadly about the eurozone. but now it looks as though spending cuts compensate for the austerity measures that were rejected by the court are going forward. so perhaps providing some relief to those worried that this would throw the...
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Apr 17, 2013
04/13
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>> the budget deficit situations, the debt situations in germany and france are certainly so much better than the rest of the periphery. why now? what has suddenly happened now? certainly growth there's very vulnerable. unemployment rate for all of europe, now 12%, a record high, the ecb's reluctant to ease because they don't think it'll actually help where it needs to help with lending small and medium-sized businesses. but those thing alone, to me, wouldn't justify a downgrade now. but it does to me, bigger picture, just remind us how nervous the markets are. i think that's the take away. >> you said going back to the things you said are somewhat positive. wealth effects, you've got home and equities. >> yep. >> although people think the consumer is not great and that it's still deleveraging. you've got politics, not as much of a head wind as it was. china slowing, but not a hard landing. >> right. heard that from the director. >> central banks are getting easier, maybe not here, talking tapering, the rest of the world getting easier. no reason to reduce risks in equities. that sum thi
>> the budget deficit situations, the debt situations in germany and france are certainly so much better than the rest of the periphery. why now? what has suddenly happened now? certainly growth there's very vulnerable. unemployment rate for all of europe, now 12%, a record high, the ecb's reluctant to ease because they don't think it'll actually help where it needs to help with lending small and medium-sized businesses. but those thing alone, to me, wouldn't justify a downgrade now. but...